Compass Point sees opportunity after selloff, starts Canaan with a Buy

As previously reported, Compass Point analyst Joe Flynn initiated coverage of Canaan (CAN) with a Buy rating and $2.50 price target The firm sees “a very high risk/reward opportunity” following the selloff from a stock price of over $3 per share in December and says it has “discounted valuations assumptions and conservative estimates” relative to the company’s guidance.